THE BANKRUPTCY MEANS TEST–A BRIEF OVERVIEW

by Paul R. Tom Zeiders Law Firm Blog

THE BANKRUPTCY MEANS TEST–A BRIEF OVERVIEW If you have recently contemplated filing bankruptcy, you may know that the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) requires that all debtors take a “means test” prior to filing bankruptcy.  So what is the means test, and what are the consequences if the debtor “passes” it or “fails” it. What Is … Read More

Fifth Circuit Court of Appeals Rewrites The Bankruptcy Code

by Paul R. Tom News, Updates, Law Changes

 Linda Trenett McCoy hadn’t filed her Mississippi income tax returns for 1993 through 2000.  By September of 2002, the Mississippi State Tax Commission (“MSTC”) had made no-file assessments (MSTC’s version of IRS’s SFR) for 1993 through 1997 and for the year 2000.  However, MSTC had not assessed tax against McCoy for 1998 or 1999.  On September 11, 2002, McCoy filed … Read More

Is My Retirement Money Protected?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

Most retirement plans are protected in bankruptcy. The Supreme Court has ruled that retirement plans that qualify under a federal law called ERISA are not property of the estate for bankruptcy purposes. This means that the bankruptcy trustee has to leave these assets alone. Most retirement plans qualify under ERISA, and even if they don’t, they may be protected under … Read More

Can I Protect My Cosigners?

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

A Chapter 7 bankruptcy releases you from your debts, but does not release your cosigners. Your creditors will demand payment from them if you don’t pay. Lenders want cosigners so that they will have someone else to pursue if you fail to make payments or discharge the debt in bankruptcy. One way to protect your cosigners is to continue to … Read More

Will My Employer Find Out? Will I Be Discriminated Against After Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Your employer generally has no way of knowing that you have filed a Chapter 7 bankruptcy proceeding. The bankruptcy court will not contact your employer, nor will your attorney. Usually the only way that your employer may know that you filed bankruptcy is if your employer is also a creditor, or if your employer has received a garnishment on your … Read More

Can Bankruptcy Help Me Get My Driver’s License Back?

by Paul R. Tom Basic Bankruptcy Information

A driver’s license may be suspended if accidents or fines are not paid for. It can also be suspended because of damages from unintentional accidents and accidents caused by drunk drivers. Accidents caused by drunk drivers are usually not dischargeable in Chapter 7 bankruptcy, but other damages usually are. If your drivers license was suspended for failure to pay damages resulting … Read More